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May 2023 Nashville Real Estate Market Update

Year over year numbers are officially red. As we discussed in previous episodes, the price drop we see on the board has already happened, as prices spiked last April/May and then fell later in the fall. Since then prices have been generally stable on a macro level. The price trend of the market is basically flat. While some price softening is possible, we’re not seeing a dramatic downward trend or expecting a dramatic crash. The latest CPI report shows inflation is slowing, which we hope will keep mortgage interest rates from increasing and potentially even help them decrease.

The number of transactions continue to come in well under last year’s numbers with supply and demand decreasing at similar rates, which keeps the pricing from crashing. There still is not enough homes available for the buyers who want them. Even though there are fewer buyers, there are also fewer people choosing to move. The majority of transactions seem to be First Time Homebuyers and people moving in from out of state. Very few people seem to be moving within the city, instead opting to keep what is likely a low interest rate instead of taking on a new rate potentially 4% higher.

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